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May 4, 2016

Washington Post: Why Goldman Sachs suddenly wants to work for average people

“For 147 years, Goldman Sachs has been best known as a secretive, Wall Street dealmaker with the ear of the White House. It helps big institutions and billionaires bet on the markets, and large corporations raise money.”

“What it hasn’t done — until now — is work closely with the average American. Now, the elite New York bank is jumping into the world of retail banking, launching GS Bank to offer high-yield online savings accounts for those with as little as $1.”

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“If there was ever a test of whether or not the stigma . . . of Wall Street’s too-big-to-fail banks has faded it would be Goldman Sachs,” said Dennis Kelleher, president of Better Markets, a financial markets public interest group.”

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“The money doesn’t sit there. They are pooled savings and they are going to be deploying that money,” said Kelleher from Better Markets. “That is the whole concept of banking.”

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Read the full Washington Post article by Renae Merle here.

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